In today’s retail automotive climate, customers have more access to information than ever before. Quite often, a properly prepared and researched customer comes into the dealership armed with more knowledge than the salesperson. This can cause friction, as the customer often interprets the salesperson as deceptive. But in reality, the salesperson may simply not have[…]
Customer experience has become an industry “buzz term” of late when talking about customer acquisition and building loyalty. Most of the time, the focus is on the small things that turn a customer off — attitudes, inefficient processes, or other such actions. But what happens when, well, everything goes wrong? Imagine if a couple visited[…]
Mimicking customer behavior is one of the oldest sales techniques in the business. So is finding common interests and building rapport. However, with three generations of car buyers in and out of dealerships daily – Boomers, Gen X and Gen Y – it’s harder than ever for salespeople to accomplish this convincingly, let alone understand[…]
As we enter 2013, the business world remains in a state of uncertainty. Will the economy recover? Will new taxes be in place? Regardless of what happens, your key to success will lie in one thing: customer loyalty. Customer loyalty builds your business when times are good and keeps you in business when times are bad.[…]
In building customer loyalty, the 80/20 rule is alive and well. Roughly speaking, 80 percent of your revenue is being generated by 20 percent of your customers. All customers are not created equal. Some represent more long-term value to your firm than others. A smart company segments customers by value and monitors activities closely to ensure high value customers get their[…]
The loyalty password is value. Knowing how your customer experiences value and then delivering on those terms is critical to building strong customer loyalty. But knowing your customer’s true definition of value is not easy because value definitions are constantly changing. Invest in customer loyalty research that enables you to understand, through the eyes of the customer, how well you[…]
Today Groupon launched the first phases of Groupon Rewards, a new platform that tries to provide businesses with a way to build customer loyalty. Groupon Rewards’ release comes amid concerns from merchants that Groupon customers demonstrate no loyalty to the businesses offering deals. What Groupon Rewards Does: Groupon users who spend a merchant-determined fixed amount (at that same merchant) can earn[…]
A customer is the most important visitor on our premises.They are not dependent on us. We are dependent on them.They are not an interruption in our work. They are the purpose of it.They are not an outsider in our business. They are part of it.~ Mahatma Gandhi ~ Many business owners, when trying to determine the[…]
It is a generally accepted principle that it is more expensive to acquire new customers than it is to keep old customers loyal. Additionally, Pareto’s 80-20 rule tells us that our most loyal customers are responsible for bringing in as much as 80% of our overall sales. It’s easy to see why customer loyalty and rewards[…]